Chicago says taxi medallion auction to raise $18M

CHICAGO – Starting next week, the city of Chicago will begin offering 50 taxicab medallions in an auction expected to raise $18 million.

The sale will be from Monday to Oct. 18 and is open to the public.

The price of Chicago medallions has soared in recent years.

In a similar auction in 2006 the average winning bid was around $78,500. By 2010, it was nearly $256,900.

The medallions being offered this year are not new. They are licenses that had become inactive, resulting in ownership reverting back to the city. That can happen for several reasons, including failure to renew a license, foreclosure or revocation.

Thanks in part to city incentives, 74 percent of Chicago taxicabs are hybrids or vehicles that use alternative fuel.